By Recorder Report

Copyright brecorder

The Pakistani rupee maintained its positive momentum against the US dollar, appreciating 0.09% during the opening hours of trading in the inter-bank market on Tuesday.

At 10:30am, the rupee was hovering at 281.20, a gain of Re0.25 against the greenback.

On Monday, the local unit closed at 281.45.

Internationally, the US dollar faced continued pressure in early trading in Asia on Tuesday as traders parsed comments by members of the Federal Reserve for clues on the path of interest rates.

The greenback edged lower, extending declines after snapping a three-day winning streak on Monday, with the US dollar index last at 97.28.

Investors are assessing the impact of US President Donald Trump’s economic policies on the health of the global economy and the implications for Federal Reserve policy ahead of the release of core personal consumption expenditures (PCE) data later this week.

Congressional funding talks this week to avert a government shutdown on September 30 have added to market jitters.

Traders have reined in bets of interest rate cuts at the Federal Open Market Committee’s October meeting, with Fed funds futures implying a 10.2% chance of a hold, compared to a probability of 8.1% on Friday, according to the CME Group’s FedWatch tool.

Against the yen, the US dollar was flat at 147.74 yen, remaining firmly in the trading range it has sat in since the start of August.

Oil prices, a key indicator of currency parity, were little changed on Tuesday as traders contemplated the impacts of ongoing geopolitical tensions in the Middle East and Russia, while worries over trade tariffs that could dampen fuel demand persisted.

Brent crude futures were almost steady at $66.56 a barrel by 0041 GMT while US West Texas Intermediate crude was at $62.29 a barrel, up 2 cents.

This is an intra-day update